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This is officially my toughest ACCA exam.
To many regrets. Starting the exam with the cashflows question; and wasting time to the detriment of other questions.
Not reading the question well enough to understand what the requirements are. After the cashflows, i was already pressed for time, so i just started answering questions. 3a – IFRS15 looked easy; so i jumped at it….. by the time i got to the b part I didn’t know what the question was about; and i didnt have time to cancel and answer number 2.
The only bright side of the exam was IFRS 16Leases.
I can only hope for a pass.
A new partner is only liable for partnership debts which has been incurred after joining the partnership except they expressly agree to be liable.
However, an exiting (retiring) partner is liable for debts incurred before leaving the partnership (except the creditor agrees to release them from the debt), as well as debts incurred after exiting the partnership if the third party has not been made aware of him/her exiting the partnership.
Mike, hope I am right?